Financials TF1

Equities

TFI

FR0000054900

Broadcasting

Market Closed - Euronext Paris Other stock markets 11:37:58 2024-04-26 am EDT			5-day change	1st Jan Change
8.52 ^EUR	+0.59%		-5.65%	+19.41%

Apr. 26	Czech billionaire Kretinsky's sprawling empire	RE
Apr. 11	CAC40: closes slightly down after ECB conference	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,556	1,386	1,836	1,506	1,505	1,797	-	-
Enterprise Value (EV) ¹	1,682	1,480	1,702	1,180	999.7	1,236	1,134	1,064
P/E ratio	10 x	25.3 x	8.15 x	8.62 x	7.84 x	8.03 x	7.18 x	6.94 x
Yield	-	6.83%	5.16%	6.99%	7.71%	7.7%	8.21%	9.55%
Capitalization / Revenue	0.67 x	0.67 x	0.76 x	0.6 x	0.66 x	0.76 x	0.75 x	0.74 x
EV / Revenue	0.72 x	0.71 x	0.7 x	0.47 x	0.44 x	0.52 x	0.48 x	0.44 x
EV / EBITDA	3.38 x	3.28 x	2.38 x	1.55 x	1.58 x	1.84 x	1.63 x	1.53 x
EV / FCF	11.7 x	9.18 x	5.35 x	7.81 x	3.04 x	6.1 x	4.29 x	3.75 x
FCF Yield	8.52%	10.9%	18.7%	12.8%	32.9%	16.4%	23.3%	26.7%
Price to Book	1 x	0.87 x	1.04 x	0.81 x	0.77 x	0.88 x	0.84 x	0.8 x
Nbr of stocks (in thousands)	210,242	210,393	210,486	210,486	210,898	210,898	-	-
Reference price ²	7.400	6.590	8.725	7.155	7.135	8.520	8.520	8.520
Announcement Date	2/13/20	2/11/21	2/11/22	2/15/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,337	2,082	2,427	2,508	2,297	2,360	2,385	2,431
EBITDA ¹	498.3	450.6	714.2	762.1	632.4	670.4	696.1	694.1
EBIT ¹	255.1	190.1	343.2	316.2	282.7	302.5	321.3	330.4
Operating Margin	10.91%	9.13%	14.14%	12.61%	12.31%	12.81%	13.47%	13.59%
Earnings before Tax (EBT) ¹	237.2	102.5	322.9	286.9	255.7	297.8	-	-
Net income ¹	154.8	55.3	225.3	176.1	191.9	218.1	246.6	254.1
Net margin	6.62%	2.66%	9.28%	7.02%	8.36%	9.24%	10.34%	10.45%
EPS ²	0.7400	0.2600	1.070	0.8300	0.9100	1.061	1.187	1.228
Free Cash Flow ¹	143.3	161.1	318	151.1	328.8	202.6	264.2	283.8
FCF margin	6.13%	7.74%	13.1%	6.03%	14.32%	8.58%	11.08%	11.67%
FCF Conversion (EBITDA)	28.76%	35.75%	44.53%	19.83%	51.99%	30.22%	37.96%	40.89%
FCF Conversion (Net income)	92.57%	291.32%	141.15%	85.8%	171.34%	92.91%	107.14%	111.67%
Dividend per Share ²	-	0.4500	0.4500	0.5000	0.5500	0.6562	0.6998	0.8137
Announcement Date	2/13/20	2/11/21	2/11/22	2/15/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1
Net sales ¹	-	883.5	1,129	522.5	775.9	-	561.3	625.6	1,187	553.4	767.4	-	479.7	558.4	1,038	509.4	505.2
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	92.1	67.8	169.1	-	-	120.1	-	-	188.7	-	-	77.5	-	-	150.3	-	-
Operating Margin	-	7.67%	14.98%	-	-	-	-	-	15.9%	-	-	-	-	-	14.48%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	7/29/20	7/28/21	10/28/21	2/11/22	2/11/22	4/28/22	7/28/22	7/28/22	10/27/22	2/15/23	2/15/23	4/27/23	7/27/23	7/27/23	10/27/23	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	126	93.1	-	-	-	-	-	-
Net Cash position ¹	-	-	135	326	505	561	663	733
Leverage (Debt/EBITDA)	0.2535 x	0.2066 x	-	-	-	-	-	-
Free Cash Flow ¹	143	161	318	151	329	203	264	284
ROE (net income / shareholders' equity)	9.87%	6.52%	13.8%	9.7%	11.2%	11.3%	11.7%	12.1%
ROA (Net income/ Total Assets)	4.69%	3.07%	6.59%	4.78%	5.87%	6.21%	6.37%	6.4%
Assets ¹	3,300	1,800	3,418	3,683	3,267	3,510	3,869	3,974
Book Value Per Share ²	7.430	7.590	8.400	8.850	9.260	9.730	10.20	10.60
Cash Flow per Share ²	1.850	2.280	3.050	2.200	2.970	2.390	-	-
Capex ¹	246	319	325	312	298	290	293	291
Capex / Sales	10.54%	15.34%	13.37%	12.45%	12.97%	12.27%	12.27%	11.98%
Announcement Date	2/13/20	2/11/21	2/11/22	2/15/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TF1

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.52 EUR

Average target price

10.7 EUR

Spread / Average Target

+25.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Broadcasting

	1st Jan change	Capi.
TF1	+19.41%	1.92B
WALT DISNEY COMPANY (THE)	+24.85%	207B
FORMULA ONE GROUP	+9.98%	16.08B
PARAMOUNT GLOBAL	-19.47%	8.36B
THE LIBERTY SIRIUSXM GROUP	-15.67%	7.93B
MBC GROUP	0.00%	4.58B
TBS HOLDINGS,INC.	+37.01%	4.24B
ITV PLC	+11.41%	3.5B
LIBERTY LIVE GROUP	+0.19%	3.4B
MULTICHOICE GROUP LIMITED	+46.62%	2.68B

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